Having discussed how to identify the right opportunities, what the key success metrics are, and how to achieve buy-in from key stakeholders, we’re now delving into the resources you need to get started. This encapsulates talent and team, elements you will need to guarantee that your corporate startup gets off its feet in the first place.
In order for your corporate startup to operate effectively, it is critical to understand your success metrics. This understanding of clear success metrics will not only help you in your day-to-day operation, but will also be crucial in helping you secure buy-in from the key budget holders and decision makers within your organisation.
Large corporations have historically been successful in carving out market share, dominating various industries and launching products and services. However, with more and more newer, smaller, more agile challengers, incumbents must re-evaluate their strategy for launching new products.
We’ve had the past couple of months to adapt to new norms, particularly in the retail and hospitality space. More so than before, retailers are expected to quickly adapt and find ways to either change the entire physical retail experience or to digitalise. Have we reached a point of no return for retail as we’ve known it?
Finding and continuously adding to our network of exciting and game-changing startups and entrepreneurs is an important part of what we do here at The Bakery. No one can deny the power of startups. Startups are typically able to build, test and launch products faster than incumbents. Leveraging this agility and expertise is a great way to help you innovate at speed.
It can often be challenging for corporations to get started in building their own startups. This is where external partners such as The Bakery come in. External venture-building partners can help corporates build new propositions without being tied down by internal red tape and processes.
With COVID-19, many of us have been thrown quite-off course and have had to scrap the plans we started the year with. This is certainly the case with businesses and markets around the world that have been severely disrupted by a global pandemic. From sudden shifts in consumer demands, reprioritisation of needs and issues within the supply-chain, if you do not quickly adapt in response to COVID, your business could be in hot water.
The Bakery Mantras are the set of beliefs that drives our company and our approach to innovative business ideas, new opportunities, and achieving real change in large organisations. Our many years of experience and our dedication to corporate innovation, have inspired these 10 mantras which serves to remind us of the lessons we have learned. We want to share these lessons with you and help you get started on your innovation journey!
With the coronavirus pandemic, never before has technology been so crucial to the way we work and the way we live our lives. With the potential of lockdowns looming over, and the increased practice of social distancing (which is important by the way!), companies need to react or respond accordingly. A growing number of the workforce have already begun to work remotely, begging the question: how can we maintain productivity and adapt to risk in a time of such uncertainty?
Innovation is one of the biggest buzzwords in the corporate world at the moment. Everyone wants it or claims to be doing it. With the rise and power of new technologies that are (apparently) set to disrupt everyone’s business, it has never been more important to be “an innovative organisation” and to be seen to be “doing innovation”.
At The Bakery, we fundamentally believe that if you have a problem worth solving, then someone, somewhere has already solved it (or at least an aspect of it!). So rather than build in-house, why not partner with these startups? To cultivate effective partnerships with startups, it is essential to have the right building blocks for this relationship in place. Don’t know where to start? Well, we’re here to help! Read on for our top tips...
The start-up way of working (often lean and fast moving) has proven to be successful in terms innovating and building impactful solutions, which is why corporates often partner with start-ups when in need of quick wins. However, in instances where partnering is not the optimal or preferred solution - what other options are out there?
In response to ever growing threats that have caused the average life-span of a company to fall significantly, we have seen the need to innovate faster and at a larger scale becoming more and more widely accepted amongst large corporations in recent years. How can this change be implemented?